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Colin Sheridan: Better late than never for Achill's broadband lifeline

Colin Sheridan: Better late than never for Achill's broadband lifeline

Irish Examiner3 days ago
A win is a win. They don't ask you how. You're only as good as your last €2.5bn project.
Sporting metaphors usually help capture the mood of political triumphs, and sure enough, in Keel Community Centre on Achill Island, the hall had the air of a dressing room after an All-Ireland win.
Announcing the roll-out of fibre broadband across Ireland's largest island, minister for culture Patrick O'Donovan spoke with the confidence of a manager who'd been doubted more times than the wifi signal in the back bedroom.
'WE SHOWED THEM' was the tenor of much of his speech.
By the fifth time he said it, the polite nods of locals had turned to even politer sighs.
Credit where it's due: The Government doesn't get many slam-dunks these days.
Connecting the people of Achill with the rest of the world was a rare one.
Smoke 'em if you got 'em, I guess.
David McCourt and TJ Malone of National Broadband Ireland with culture minister Patrick O'Donovan on Keel Beach, Achill Island. Picture: Michael McLaughlin
Here are the stats:
'Main build works on the island infrastructure are now complete, enabling over 2,500 homes, farms and businesses to access high-speed broadband.
'This means residents of Ireland's largest island will have the same access to 2 Gig, reliable broadband as any of the over 380,000 premises that NBI has already passed across the country.'
In plain English, Achill got mail.
Affordable broadband
Homes, farms, schools, and businesses now have the option of affordable, high-speed broadband.
No longer will baristas need to raise a debit card reader skyward to execute a simple payment for a routine skinny flat white.
Gone are the days of sketchy GAA Go streams.
I mean, sure, if only there were a Mayo match to watch — but all jokes aside, broadband means opportunity.
In an age of remote working, you're only as good as your download speed.
It being a launch, there was a launch video.
And if you're going to launch a launch video, launch it in Achill. Aerial shots of Keel, Keem, the Famine Village, gorgeous white beaches and roaring blue seas.
Circet managing director (Ireland) Damien Gallagher; National Broadband Ireland stakeholder engagement and PR manager Sandra Dinan; House of Achill founder Anna Sutcliffe; and National Broadband Ireland chief marketing officer Tara Collins. Picture: Michael McLaughlin
Christ, after three minutes of drone footage of the Wild Atlantic Way, a man would nearly fall to his knees and plead with the people of Achill — a beautiful outlier of an island — to run the opposite way from all internet connectivity.
I've seen the best minds of my generation ruined by Twitter scrolling.
Be brave, Achill. Do without it.
But that's not fair. It's selective and a bit elitist.
Island has to be connected
Listening to Anna Sutcliffe, purveyor of luxury candles through her company House of Achill, you realise that for rural Ireland to survive and thrive, it absolutely has to be connected.
For young people to have a chance to stay, to move home if they left.
To begin again, like Anna, if they chose to relocate and try something new.
'Traditionally on the island, we were very dependent on the tourism season,' Anna explains.
Now with fibre, I finally have a fast, reliable connection to support online sales and ensure customer service year-round. I can focus on what I enjoy most about the business — being creative.
No arguments here.
Other small business owners echoed similar relief at the arrival of fibre.
Lilí Bán Café proprietor John Barrett nails a simple truth: 'Running a business on Achill Island has its challenges.
Without broadband, the weather often impacted the signal and the reliability of the connection.
"It's exciting to see a new wave of business starting on the island, and fibre connectivity has definitely played a big part in this.'
Central to the Great Connection was adopted Clare man David McCourt, founder and chairman of National Broadband Ireland — a man with a voice so smooth you could stream Squid Game off it.
When he addressed the hall, the vibe was less 'we showed them,' more 'you showed yourselves'.
If I'd closed my eyes, I could've sworn I was at a town hall meeting in a Steinbeck novel.
Remote but close
Achill, a frontier town in the New West during the gold rush, suddenly connected, with the world their oyster.
But here's the thing: Achill, though remote, is two hours from Galway. Three hours and change from Dublin, our capital city.
It's hardly Yellowknife in Canada's Northwest Territories.
Standing there in that community centre, I couldn't help getting swept up in the wave of goodwill and opportunity the Government will justifiably celebrate.
But as a man who turned turf as a boy just an hour down the road, I couldn't help thinking of Edwin McGreal writing recently in The Western People: 'In terms of infrastructural development, the Northern Western Region [Connacht plus Donegal, Cavan and Monaghan] is ranked an alarming 218th out of 234 regions across Europe. Our Midlands and Eastern Region scores over three times higher for infrastructural development.
In 2022, the European Commission downgraded us [the Northwest Region] to a 'lagging region' when our GDP fell to 71% of the European average. The focus ought to be diverted here — and fast.
No One Shouted Stop was published by John Healy 57 years ago — a wolf-whistle lamenting the economic and social decline of rural life in the west of Ireland, and Dublin's wilful ignorance of it.
There was no broadband in 1968, and the only fibre in Mayo came from All-Bran.
That the Government finally delivered on a single promise is good.
But it's the least they could do.
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Is there any point in hanging on to these shares in the hope that, when the banks are making millions again, they might feel sorry for those of us who lost everything and offer some kind of compensation? In fairness, AIB continues to pay my widow's pension. Ms J.R. The first rule in making sense of investments is understanding what you are paying for the opportunity of gain. Charges can fundamentally affect your return so it is important to get a proper fix on them. I get the sense you're not too sure why you are paying the amount you are paying Goodbody's to manage this portfolio of shares and cash. I've spoken to Goodbodys who, no more than their rivals, can be difficult o tie down on the question of fees. To their credit, they have suggested you contact them directly so that they can walk you through exactly what the charges are and for what service. As usual, I have not given any of your identifying details to them as I did not have your explicit permission to do so but they tell me they have offered an experienced person on standby to deal with you directly on this matter. I'll pass those details on to you. Charges aside, there are a couple of big issues here. First, should you hold on to the shares and second, should you continue to hold an account with Goodbody's or any other broker? Let's take those in reverse order. You have kind of answered the second question with your assertion that since your husband died and you inherited these shares, you have never done – and do not plan to do – any trading. There is no obligation to hold your shares through a broker although you will need to engage a broker should you ever decide to sell them. These days, shares are 'dematerialised'. This means that any paper share certificates you hold – which used to be the legal proof of ownership – are now worthless. Instead, details of your shareholdings are held in electronic form by the 'registrar', the company that manages the list of shareholders for each of these banks. In this case, a company called Computershare is share registrar for both banks. You can keep track of your shares and any dealings in them by registering with Computershare here for access to their online investor centre. You'll need very basic details – your unique shareholder reference number for each shareholding – which you should be able to find on communications from the companies, or from Goodbody. The key thing here is that you do not need to hold your shares through a stockbroker and, if you are not trading in shares, it makes little sense to be paying annual charges for the privilege – never mind over €700. Based on the current value of your account, as outlined in your query, the Goodbody's annual charge amounts to over 2.75 per cent, which certainly strikes me as very high, especially for an account with no activity. I cannot think of an explanation Goodbody's could provide that would make this a sensible proposition for you. Unless you plan to sell the shares now given you already appear to be paying Goodbody for the service, I would pull the plug on the Goodbody account and keep track of the shares through the Computershare Investor Centre. If you do want to sell later, you can always 'shop the market' to see who will sell them for you at the lowest charge. That brings us to the other issue – should you hold on to these shares at all? As an AIB lifer, it is not entirely surprising – if not exactly sensible – that he invested heavily n the bank's shares. Back then, he may have been able to do so at preferential rates or through some employee share programme. He was correct that it made sense to diversify given the concentration of his investment. I have no idea if he took advice at that time but the notion of diversifying from having all your investments in one bank stock by investing in the State other large listed back was mad even back then. All his eggs were still in the banking basket and we all know what happened there. People like your husband saw their savings effectively go up in smoke. In AIB's case, quite apart from the bank bailout that saw the value of his shareholding crash, he also went through the one for 250 share consolidation in 2015 that knocked a further 75 per cent of the value of his savings. In the case of Bank of Ireland, in 2017, it gave shareholder one new share for every 30 previously held but, of course, it too saw the value of existing investors' shareholdings decimated by the post-crash bailout. Given the number of shares your husband, and now you, hold in both banks, it is clear his investment in both was significant. You do not say when you inherited these shares which is a key point. Any investment gains (or in his case losses) die with a shareholder. So when you inherited the shares, their base value will be whatever they were worth at that time. The losses your husband suffered are, unfortunately, irrelevant. Assuming you inherited some time since late 2010, you are actually in profit on both those shares right now – albeit a long way of recovering the sort of level they traded at when your husband had them before the crash. So if you do sell, and assuming your gain is more than €1,270, as I assume it will be, you will be paying capital gains tax at 33 per cent on those 'profits'. I'm not a share analyst, nor a qualified financial adviser, so I cannot say what you might expect these shares to do in the future, though it is fair to say that most analysts see some upside for both as the State has now exited their bailout investment despite cuts in European Central Bank interest rates that have padded their profits in recent years. The bigger question is whether you are comfortable with stock market investments in individual shares. Even if you are, it would be advisable to consider proper diversification – something you might discuss with Goodbody when you meet them and before you make any decision to close that account. Whatever you do, I would certainly not bank of either lender offering any compensation to the shareholders it gutted during the crash, now that they are back to earning millions of euro. They may say how sorry they are for what happened – and have done – but they're not that sorry. And, to be fair to them, that is the nature of stock market investment. It carries risk – hence the good sense in diversification – and when things go wrong, shareholders will find themselves at the bottom of the pecking order when it comes to people being taken care of. That is the reality of shareholder investment. Investing in Ireland's banks used to be considered almost as good as investing in government bonds, with dividend income as icing on the cake. The crash reminded us not to take such things for granted. And much and all as investors must take responsibility for their own risk, I would not be giving AIB any credit for paying your widow's pension. That is part of the Ts & Cs of your husband's occupational pension scheme - not some munificence on the part of the bank. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to , with a contact phone number. This column is a reader service and is not intended to replace professional advice

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